Yes, its that time again, folks. Its the first Friday of the month, when for one ever-so-brief moment the interests of Wall Street, Washington and Main Street are all aligned on one thing: Jobs.

A fresh update on the U.S. employment situation for November hits the wires at 8:30 a.m. New York time, offering one of the most important snapshots on how the economy fared last month. Economists polled by Dow Jones Newswires expect 80,000 new jobs were created  down from 171,000 jobs added in October  with the unemployment rate holding steady at 7.9%.

Economists polled by Dow Jones Newswires expect 80,000 new jobs were created

I highly doubt these "economists" ever believed that... but they're helping themselves and The One by managing expectations. That 7.7% is a joke by itself. Further into the CNBC article, it's revealed that's mostly due to the continued outflow of people from the work force.

9
posted on 12/07/2012 6:00:51 AM PST
by ScottinVA
(I've never been more disgusted with American voters.)

And the glaring number, to me, is that an additional 540,000 have ‘vanished’ from the workforce. That brings the total of those ‘not participating in the workforce’ to almost 89,000,000 - therefore, they don’t count. WOW!!!! I guess the massaging of the participation rates / birth, death model, and seasonal adjustments has worked so well with the UE numbers that they are carrying it forward to the payroll reports.

September and October were “Revised” downward by 50k, I will not be surprised to see the same fate for the Nov. numbers - in fact, I expect it.

10
posted on 12/07/2012 6:02:03 AM PST
by RobertClark
(Inside every "older" person is a younger person wondering what the hell happened?)

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